“It’s really about being ready for that surge in demand from whatever crisis may hit.” 3M CEO Mike Roman discusses lessons learned from past crises, and preparing for those to come.
shares jumped Tuesday after the manufacturing conglomerate reported first-quarter earnings and revenues that topped Wall Street's expectations as demand for safety equipment and cleaning products spiked amid the coronavirus pandemic.
It reported adjusted earnings per share of $2.16 on revenues of $8.08 billion for the first quarter, growth of 2.7% on a year-over-year basis. Both figures topped Wall Street consensus estimates of EPS of $2.03 and sales of $7.91 billion based on Refinitiv research. "In the first quarter we saw strong growth in personal safety, as well as in other areas of our portfolio experiencing high demand due to the pandemic," he added. "At the same time, we experienced weak demand in several end markets that were more severely impacted by actions taken around the world to slow the pandemic."
It added that it will make adjustments to how it spends its cash amid the outbreak. 3M said it's making "aggressive" cost reductions while minimizing employee impact for estimated cost savings of $350 million to $400 million in the second quarter.
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